"Coal India has a record of forcibly displacing tribal and farming communities, ravaging tiger and elephant forests and turning a blind eye to instances of child labor and corruption," says Ashish Ferndandes, US-India Advisor with Greenpeace. "We have pointed out these issues to Bank of America on several occasions over the past year and been assured that the bank is looking into them. To have the Bank persist with its partnership with Coal India leaves one with the impression that ‘sustainability' is just a fancy word to CEO Brian Moynihan and his team."

Recently, major lending institutions the World Bank and US Ex-Im Bank they would severely restrict lending for coal. But although the major banks like to sign onto commitments such as NYC's Carbon Challenge - to cut greenhouse gas emissions 40% over the next 10 years - they continue to be the world's major coal financiers.